13/09/2024
There are major reasons why most people do not buy Life insurance as urgent as buying food is.
These 3 reasons were critical for me.
1. Procrastination
Procrastination can be the biggest leading factor when making a decision to buy life insurance and am also speaking through experience.
Many people think there is time to consider this. However, the truth is, yes there is time! BUT you need to note that it comes with a COST attached to it. This is because the longer you wait, the more expensive it gets! Not many people want to understand this. That is why the few that get it buy Whole of Life insurance as urgent as it should be.
The other reason is due to the age factor and with age factor comes in your risk tolerance due to your lifestyle choices.
It is better to sacrifice the importance and discipline in seeing the benefit now when you are young, strong and energetic when the costs are subjectively cheaper and you enjoy making payment contributions with ease and comfort knowing that you will reap the biggest rewards at the point when due or upon settling a claim.
2. Costs
As many would think Life Insurance "ni ya watu wadosi". I laugh when I say this because I also used to say the same exact statement! Look at me making a fool of myself now😂. And from this I learned to think and act for myself and not for other people.
Where am I headed with this?
Life Insurance should not be a burden when it comes to cost measures.
You have to think of your why. The cost part of it is relative because you have to think of the end goal in mind.
What do you want your loved one's or children to get when you are no longer there.
Will the funds be adequate for their upkeep and other financial obligations to meet?
Do you want to leave a legacy in impacting them to offer financial support to their next generation.
So with that, The cost accuracy is very important.
However, it can vary with the budget that is most affordable for you, one can always top up depending on the financial season they are in.
3. Distrust with Insurers
This can be a fight to contend with I know. However, when it comes to choosing the right insurance company you have to consider the liquidity or capital ratio long enough to assess the stability in running the company.
How is their claims history like?
What makes them stand out as a company?
Is it their visibility in the local market or international market?
What do other people say about them? Is it mostly positive remarks?
Who are their investors?
Where do they invest their money?
On a personal view, this is how I determine the right insurance company and where I can protect my money long term!
This is how I found . Where our global footprint is. We have over 175 years of experience, and we pride in being able to pay 24,542 claims from 2014 and more. One of our biggest efforts is being listed on stock exchanges in London, HongKong, Singapore and New York.
